Friday 21 September 2012

Commodity Market Update (Natural Gas)


Precious metals are trading slightly lower since morning; the actively traded Gold on CMX is lower by $9 to trade at $1756 while Silver is at $34.3, down by $30 cents. Prices on MCX are also equally lower Gold at Rs.31863, down by 156 points while Silver is at Rs.63950 lower by 500 odd point. Prices are likely to take direction from the US Jobless Claims data to be released at 6.00 PM today. NYMEX Oil prices extended its last night fall to trade at $91.18, lower by 0.87% or 80 cents while on domestic bourses prices are at Rs.4990.00 lower by half a percent. US Natural Gas contract is lower by more than 2% and trading at $3.73 while the traders will be looking for the storage data to find the further move. We maintain a bearish view on energy complex. Base metals are also trading in red. LME Copper is trading at $8200, losing $150 or 1.81% on disappointing China’s PMI data. We expect Base metals prices to remain lower for the day.

Data to Watch:
US Unemployment Claims
US Philly Fed Manufacturing Index
US Natural Gas Storage

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